During 2020, Sunland Company started a construction job with a contract price of $1,408,000. The job was completed in 2022. The following information is available. The contract is non-cancellable.

During 2020, Sunland Company started a construction job with a contract price of $1,408,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date 2020 2021 2022 $352,000 $726,000 $941,600 528,000 242,000 0 264,000 792,000 1,408,000 237,600 712,800 1,254,000 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit / (loss) 211200 118800 136400 Prepare all necessary journal entries for 2021. (Use Materials, Cash, Payables for costs incurred to date.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Construction Expenses 374000 374000 Materials, Cash, Payabi (To record cost of construction) Accounts Receivable 528000 Accounts Receivable 528000 Service Revenue 528000 (To record progress billings) Cash 475200 475200 Accounts Receivable (To record collections) Construction Expenses (To record revenues) (To record construction expenses) Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used. (Do not leave any answer field blank. Enter o for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit / (loss) 466400